A new fintech business which I was presented to earlier this year. Alternatives To Currensea Card…
It has actually won a few awards over recent months for what it does (offering you a low-cost method to spend abroad) but what I like about is that it is basic as hell. This is a good idea.
is, successfully, a direct debit travel card. It is a Mastercard which sits in between you and your existing current account. There is absolutely nothing to top-up or prepay. You merely invest as you would on a normal debit card and the cash is drawn from your bank account– just without the normal 3% fee.
Oh, and is complimentary to get, which also assists.
There are also some interesting travel advantages if you choose a paid strategy, but the free plan works fine. You can apply here.
There is a business design in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing something well, and free of charge or cheaper than the competitors
add increasingly more functions which your existing customers do not truly require or want
add fees, restrictions or charges to the feature that made people get your item in the first place, removing any competitive advantage
is currently still in Phase 1 of this procedure and will ideally stay there. Curve, monzo and revolut are currently in Stage 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Alternatives To Currensea Card
It is a complimentary direct debit card to utilize abroad and which instantly charges all purchases to your existing bank account in Sterling, less a small 0.5% fee.
You don’t (yet …) earn any airline company miles or points for using it.
Why would I wish to get a card?
If you have a charge card offering 0% forex costs, then you don’t require a card, unless you want complimentary ATM withdrawals. You can stop checking out now.
Credit cards which offer rewards and charge 0% FX charges are few and far between. The only ‘points and miles’ options which provide a partial solution are the Virgin Atlantic charge card which have 0% FX costs in the Euro zone.
IS perhaps for you if:
you do not have a charge card offering 0% FX costs and do not wish to impact your credit report by getting another credit card particularly to use abroad
you desire a product which enables you to make , 500 of foreign currency ATM withdrawals each month without any costs and just a very little FX mark-up (there is a little fee beyond , 500).
you want an item for you, your adult children, parents, partner or anybody else in your life who requires an easy, easy to understand payment card that will conserve them money when travelling.
How does work in practice?
It is, as I stated previously, an extremely simple process. You utilize your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, internationally).
Your bank account bank automatically verifies that you have enough cash in your account and authorises the deal.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. adds a 0.5% charge if you have the complimentary card. There are no costs if you have among their paid cards.
You get an automated invest notice through the app, if you pick to install it.
The money is drawn from your current account a few days later on.
Here is an example. Without any foreign travel in the diary, I decided to sprinkle out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which shows , 4.33 scheduled to leave my HSBC account a few days later:.
But converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is almost to happen (typically in a various language) while not telling you about the outrageous currency conversion costs occurring in the background. Don’t get me began. Anyway back to the positives for a bit anyhow.
In current years a handful of terrific travel debit cards have popped onto the scene … and like other excellent cards Currensea assures huge cost savings (85%) and an excellent app.
I believe the best bit might be what no other card does: connects to your existing high street bank account.
What this suggests is you can spend money you have in your existing current account with less worry about lacking cash and the extra step. But that does not mean it is ideal.
In this Currensea review is the excellent, the bad, the ugly and the options, so that you can choose.
While our premium plans have no FX markup, we charge a small FX markup on our Vital Plan of 0.5% per deal, enabling us to make income from our Important Strategy whilst remaining much cheaper than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM usage over the free amount on all our strategies, full information can be found on our rates strategies.
We charge a yearly membership fee of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The subscription fee likewise eliminates all FX markup on deals.
Each time you spend with your card we receive a little % of the transaction, referred to as interchange, this comes directly from the merchant and won’t be charged to you. Alternatives To Currensea Card